A History of Interest and Debt: Ancient Civilizations / Edition 1

by Murat Ustaoglu, Ahmet Incekara

Overview

With the spread of interest-based transactions, major problems such as inequality, poverty and debt-based slavery have emerged. Those who practiced professions such as usury have, despite the negative connotations attributed to them, contributed extensively to the construction of the conventional financial system in the global economy, suggesting that the core concepts in this practice need to be analyzed in greater depth and from a historical perspective.

This book analyzes the evolution of interest-bearing debt transactions from ancient times to the era of Abrahamic religions. In modern times, interest is strictly prohibited by Islam, but this book demonstrates that it is a practice that has been condemned and legally and morally prohibited in other civilizations, long before Islam outlawed it. Exploring the roots of this prohibition and how interest has been justified as a viable practice in economic and financial transactions, the book offers deep insight into the current nature of finance and economics, and the distinctive features of Islamic finance in particular and enables researchers to further delve into a review of interest-free financing models. Islamic finance, or alternative financial methods, have become extremely popular particularly in the aftermath of global financial crises, suggesting that they will attract further interest in the future as well.

The book is primarily aimed at undergraduate and graduate students but, as it avoids the use of technical jargon, it also speaks to a general readership. It will appeal to those who have an interest in financial history, particularly the history of debt as well.

Product Details

ISBN-13:	9780367484880
Publisher:	Taylor & Francis
Publication date:	07/10/2020
Series:	Islamic Business and Finance Series
Pages:	152
Product dimensions:	6.12(w) x 9.19(h) x (d)

About the Author

Murat Ustaoğlu is an associate professor of economics at Istanbul University, Istanbul, Turkey, and currently a visiting scholar at the City University of New York, USA.

Ahmet İncekara is a professor of economics at Istanbul University, Istanbul, Turkey.

Table of Contents

1. An introduction to interest and debt 2. Dynamics of Social Life in Ancient Mesopotamian Civilizations as Historical Precursors of Interest/riba within the Context of Religion, Politics and Economics 3. Institutional Interest-bearing Debt in Ancient Civilizations: Sumerian Era 4. The Merchant Societies and Usury: Assyrians and Babylonians 5. Social Costs of Interest-bearing Debt in Ancient Greece 6. Debt and Politics in Ancient Roman 7. Interest-bearing Debt in Ancient Egypt 8. Interest and Debt in Ancient China 9. Dynamics of Interest-bearing Debt in Hinduism 10. Interest and Debt in the Buddhist Economic Doctrine 11. Interest and Debt in Ancient Era